Ground broken on new Cohoes residential development

From left to right: Senior Vice President of the Community Preservation Corporation Richard Conley, Cohoes Councilwoman April Kennedy, Assistant Commissioner of New York State Homes & Community Renewal Lorraine Collins, Senator Neil Breslin, Lieutenant Governor Robert Duffy, President of Regan Development Corporation Larry Regan, Assemblyman John McDonald, Cohoes Mayor George Primeau, Cohoes Councilman Bill Ricard and Living Resources CEO Fredrick Erlich break at the site of the new Lion Heart Residences of Cohoes on Wednesday, Aug. 20, 2014.
Lauren Halligan - Lhalligan@digitalfirstmedia.com

COHOES >> Ground was broken Wednesday for a new development in Cohoes which will house both workers and disabled persons.

“The Capital Region’s growth over the past couple years has been stunning,” said Larry Regan, president of Regan Development Corporation, the project’s developer. And with that prosperity, newcomers to the area are seeking affordable housing. “It’s creating workforce housing for Albany region families,” Regan said.

The downstate-based development company will provide apartment-style housing starting below market rate levels in the city of Cohoes. Two and three bedroom apartments range in price from $740 per month to $980 per month.

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The Regan Development affordable workforce housing development project, called Lion Heart Residences of Cohoes, will include 72 new apartments in three buildings, ranging in size from one to three bedrooms. The structures are expected to be completed by fall of 2015.

Of the 72 units, 15 apartments will be specially designed and designated for tenants with special needs due to developmental disabilities. This portion of the project is funded by the Office for Persons with Developmental Disabilities (OPWDD). “Supportive housing is meant to mix special needs clients in with workforce housing clients to make a lifestyle that comfortable and safe for those OPWDD clients,” Regan said.

Overall, the undertaking will cost a total of $16.4 million. About $2.4 million is from New York State Homes and Community Renewal. Additional financing is being contributed by The Community Preservation Corporation and First Sterling Financial, with support services provided by Living Resources Corporation.

Government officials and project supporters gathered Wednesday morning at the groundbreaking site in Cohoes, located just behind the already lived-in Manor Sites on Williams Street. In its construction, Lion Heart Residences will meet green building and energy efficiency standards.

Lieutenant Governor Robert Duffy attended the mid-week groundbreaking event to congratulate Cohoes on its new project, which fits in with Governor Andrew Cuomo’s Olmstead Implementation initiative which calls for integrated housing for people with disabilities. “These are the most successful housing developments you can find,” Duffy said. “They work. They’re great for integrating people. Overall, it’s just a huge win-win.”

On a more local level, “We knew that there was a need in our community that wasn’t being met,” said Assemblyman John McDonald, former Cohoes Mayor. “We’ve had great success - over 2,000 units built in the last 10 years here in the city of Cohoes, mostly high rental - and there was a market that was being missed,” McDonald said Wednesday. With many individuals and families relocating to the region for jobs with wide-ranging salaries, “We wanted to be that community that welcomes all.”

“Cohoes is looked at as a safe community, and what’s happening here is that people want to sit there and develop here in Cohoes,” current Cohoes Mayor George Primeau said at the groundbreaking. However, much of that development so far has been high end housing. The Lion Heart Residences will be a change of pace for Cohoes, and a better opportunity for newcomers with lower income rates.

“Lion Heart Residences will make Albany County a better place to live for families, individuals, and people with disabilities who will benefit from integrated housing and supportive services,” said Albany County Executive Dan McCoy in a news release. “It’s important to invest resources in projects that make life better for residents and Lion Heart Residences will do just that.”